Financial Performance - The total revenue for Baota Industry in 2019 was ¥311,233,895.22, representing a decrease of 28.01% compared to ¥432,317,736.74 in 2018[18]. - The net profit attributable to shareholders was -¥315,215,411.93 in 2019, a decline of 221.01% from -¥98,194,424.06 in 2018[18]. - The net cash flow from operating activities was ¥10,694,160.70, down 62.83% from ¥28,770,727.10 in the previous year[18]. - The basic earnings per share were -¥0.41, a decrease of 215.38% compared to -¥0.13 in 2018[18]. - Total assets at the end of 2019 were ¥1,524,548,101.11, a reduction of 16.63% from ¥1,828,600,919.71 at the end of 2018[18]. - The net assets attributable to shareholders decreased by 49.58% to ¥315,387,424.74 from ¥625,504,054.15 in 2018[18]. - The company reported a significant decline in net profit due to a substantial drop in operating revenue, leading to a major difference between net profit and cash flow from operating activities[51]. - The company reported a net profit of -315,215,411.93 yuan for 2019, indicating a continued loss trend[69]. - The net loss for 2019 was CNY 765,155,945.36, compared to a loss of CNY 584,953,622.15 in 2018, indicating a worsening financial position[195]. - The company's equity attributable to shareholders decreased significantly to CNY 480,193,067.28 in 2019 from CNY 655,296,607.97 in 2018, indicating a decline in shareholder value[195]. Revenue Breakdown - The company achieved total operating revenue of CNY 311,233,895.22 in 2019, a decrease of 28.01% compared to the previous year[36]. - The bearing business generated revenue of CNY 201,325,597.91, remaining stable year-on-year, while the ship electrical business revenue dropped by 72.55% to CNY 23,215,753.10[36]. - The mechanical manufacturing sector contributed ¥264,711,974.30, accounting for 85.05% of total revenue, with an 18.36% increase year-on-year[38]. - The bearing industry generated ¥201,325,597.90, representing 64.69% of total revenue, with an 18.02% increase compared to the previous year[38]. - The company's other business revenue decreased by 60.78%, indicating challenges in diversifying income streams[36]. Operational Challenges - The company is currently facing a restructuring application due to inability to repay debts, which adds uncertainty to its future operations[6]. - The company anticipates a recovery in the bearing industry in 2020, driven by the stabilization of the economy and the implementation of new infrastructure strategies, despite challenges posed by the pandemic[61]. - The company reported a significant increase in non-recurring losses, with the net profit excluding non-recurring items at -¥301,263,535.34, a 172.08% decrease from -¥110,726,225.82 in 2018[18]. - The company has not engaged in any significant asset or equity sales during the reporting period[59]. - The company is currently facing a major uncertainty regarding its ability to continue as a going concern due to a bankruptcy reorganization application filed by creditors[174]. Management and Governance - The company experienced significant management turnover, with multiple executives, including the CFO and several vice presidents, resigning for personal reasons in March 2019[124]. - The current management team includes key figures such as the General Manager Du Jianwen, who has been in position since July 2016, and the new CFO Yao Zhanwen, appointed in July 2019[126]. - The company has implemented an employee stock option plan, with the first exercise period from March 22, 2019, to August 15, 2019[84]. - The company maintains a complete and independent governance structure, ensuring no significant discrepancies with regulatory requirements[148]. - The company has established a fully independent operational capability, with no business, personnel, asset, institutional, or financial overlap with its controlling shareholder[149]. Research and Development - The company has established a strong R&D capability, leveraging national-level research centers and partnerships with universities to enhance product development[31]. - Research and development expenses increased by 3.68% to ¥2,296,641.22 in 2019[46]. - The company has allocated 50 million for research and development in new technologies for the upcoming fiscal year[135]. Financial Management - The company’s foreign revenue rose to ¥2,797,567.41, representing 0.90% of total revenue, with a year-on-year increase of 0.69%[38]. - The company's R&D investment decreased by 13.06% to ¥14,000,120 in 2019, while the proportion of R&D investment to operating revenue increased to 4.50% from 3.72% in 2018[47]. - The total current liabilities amounted to CNY 823,619,402.61 in 2019, a decrease from CNY 864,696,473.59 in 2018, indicating improved management of short-term obligations[194]. - The total asset proportion of units included in the internal control evaluation was 100% of the consolidated financial statements[162]. Shareholder Information - The total number of shares for capital distribution was 765,185,250, with no cash dividends or stock dividends proposed for the reporting period[70]. - The company did not distribute any cash dividends in 2019, 2018, and 2017 due to negative distributable profits of -315,215,411.93 yuan, -98,194,424.06 yuan, and 18,742,523.49 yuan respectively[67][69]. - The company holds 398,415,924 shares, representing 52.13% of total shares, with 94,194,342 shares pledged[84]. - The total number of shareholders at the end of the reporting period was 57,965, compared to 53,690 at the end of the previous month[109]. Audit and Compliance - The audit report issued by the accounting firm was a standard unqualified opinion, indicating no significant issues were found[166]. - The company has established and effectively implemented internal controls in accordance with relevant regulations[165]. - The audit highlighted the inherent limitations of internal controls, which may not prevent or detect misstatements[165]. - There were no significant deficiencies or important deficiencies identified in the financial reporting internal controls[164].

Financial Performance - Operating revenue for the reporting period was CNY 82,239,604.21, an increase of 27.50% year-on-year[9] - Net profit attributable to shareholders was a loss of CNY 22,482,160.31, down 71.04% compared to the same period last year[9] - The basic earnings per share were -CNY 0.083, a decrease of 429.41% year-on-year[9] - The weighted average return on net assets was -1.71%, a decrease of 2.09% compared to the previous year[9] - Total operating revenue for Q3 2019 was CNY 82,239,604.21, an increase of 27.4% compared to CNY 64,504,084.39 in the same period last year[35] - Net loss for Q3 2019 was CNY 22,307,492.82, compared to a net loss of CNY 11,632,049.94 in Q3 2018, representing an increase in loss of 91.5%[37] - The net profit for the quarter was a loss of ¥20,889,313.07, compared to a loss of ¥15,625,190.07 in the previous year, indicating a worsening of 33.5%[42] - The comprehensive income totalled a loss of ¥98,720,134.50, compared to a loss of ¥1,905,357.34 in the previous year, indicating a significant decline[46] - The net profit for the third quarter was -63,686,751.67 yuan, compared to -21,663,140.80 yuan in the same period last year, indicating a significant increase in losses[49] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,788,421,435.42, a decrease of 2.20% compared to the end of the previous year[9] - Total current assets decreased from CNY 875,890,004.06 as of December 31, 2018, to CNY 863,172,158.09 as of September 30, 2019, a decline of approximately 1.6%[26] - Total non-current assets decreased from CNY 952,710,915.65 to CNY 925,249,277.33, a decline of about 2.9%[27] - Total liabilities increased from CNY 1,128,181,906.63 to CNY 1,186,563,954.23, an increase of approximately 5.2%[28] - The company's total liabilities increased to CNY 1,170,763,351.21 from CNY 1,120,365,400.54, reflecting a growth of 4.7%[34] - Total equity decreased from CNY 700,419,013.08 to CNY 601,857,481.19, a decline of approximately 14.1%[29] - Total equity decreased to CNY 591,609,856.30 from CNY 655,296,607.97, a decline of 9.7%[34] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 13,075,706.42, a decline of 350.76% year-to-date[9] - Operating cash flow for the period was -13,075,706.42 yuan, worsening from -2,900,825.39 yuan year-over-year[53] - Total cash inflow from operating activities was 234,352,309.84 yuan, down from 443,610,829.45 yuan in the previous year[52] - Cash outflow from operating activities totaled 247,428,016.26 yuan, compared to 446,511,654.84 yuan in the prior year[52] - Cash and cash equivalents at the end of the period were 39,514,912.51 yuan, a decrease from 13,153,978.71 yuan year-over-year[54] - The company raised 31,892,705.10 yuan through borrowings, down from 171,387,435.33 yuan in the previous year[53] - The net cash flow from financing activities was 13,946,320.91 yuan, compared to -42,970,573.22 yuan in the same period last year[53] - The company reported a cash flow from investing activities of -1,062,707.00 yuan, an improvement from -33,764,087.21 yuan year-over-year[53] Shareholder Information - The total number of shareholders at the end of the reporting period was 60,381[12] - The largest shareholder, Baota Petrochemical Group Co., Ltd., held 52.13% of the shares, amounting to 398,415,924 shares[12] Other Information - The company reported non-recurring gains and losses totaling CNY 366,731.14 for the year-to-date[10] - The third quarter report of Baota Industrial Co., Ltd. was not audited[58] - The company has not applied new financial instrument standards or new leasing standards for the adjustment of financial statements[58] - The report indicates that there are no retrospective adjustments for prior comparative data under new financial instrument standards or new leasing standards[58] - The legal representative of the company is Wang Jingbo[58] - The report was issued on October 28, 2019[58] - There is no mention of user data or performance guidance in the report[58] - No new products or technologies were discussed in the report[58] - There are no details on market expansion or mergers and acquisitions in the report[58] - The company did not provide any strategic updates in the report[58] - The report does not include any financial performance summary or key metrics[58]

Financial Performance - The company's operating revenue for the first half of 2019 was ¥140,420,827.03, a decrease of 41.25% compared to ¥239,007,402.94 in the same period last year[19]. - The net profit attributable to shareholders was -¥64,329,709.99, representing a decline of 1,238.86% from a profit of ¥5,648,626.64 in the previous year[19]. - The company reported a total revenue of ¥140,420,827.03, a decrease of 41.25% compared to the same period last year[33]. - Main business revenue was ¥128,408,819.13, down 43.61% year-on-year, primarily due to a significant decline in the bearing business market[33]. - The company achieved a gross margin of -5.67% in the bearing segment, with revenue down 31.73% year-on-year[37]. - The company reported a net loss of CNY 674,206,445.93, worsening from a loss of CNY 609,876,735.95 in the previous period[103]. - The net loss for the first half of 2019 was CNY 76,412,641.68, compared to a net profit of CNY 9,726,692.60 in the first half of 2018[111]. - The total comprehensive loss for the first half of 2019 was ¥42,797,438.60, reflecting the overall decline in financial performance compared to the previous year[115]. Cash Flow and Assets - The net cash flow from operating activities improved to -¥7,383,024.66, an increase of 87.17% compared to -¥15,852,777.50 in the same period last year[19]. - The company's cash flow from operating activities improved by 53.43%, resulting in -¥7,383,024.66 for the period[35]. - Cash and cash equivalents at the end of the first half of 2019 were ¥48,114,540.10, a substantial increase from ¥6,577,585.03 at the end of the first half of 2018[120]. - The company generated ¥159,213,068.12 in cash from sales of goods and services in the first half of 2019, down from ¥228,443,474.37 in the first half of 2018[117]. - The total assets at the end of the reporting period were ¥1,809,750,873.27, a decrease of 1.03% from ¥1,828,600,919.71 at the end of the previous year[19]. - The total liabilities increased to CNY 1,185,585,899.23 from CNY 1,128,181,906.63, marking an increase of about 5.1%[103]. - The company's short-term borrowings increased to ¥204,894,523.60, up from ¥181,319,376.39, reflecting a rise of 1.43% in proportion[39]. Shareholder Information - The company reported a total of 198,976,658 shares held by Baota Petrochemical, accounting for 26.71% of the total share capital after the capital reserve conversion[59]. - A total of 405,415,924 shares held by Baota Petrochemical were frozen by various courts, representing 54.43% of the company's total share capital[59]. - The shares frozen due to contract disputes amounted to 398,415,924, which is 52.99% of the total share capital, with a freezing period of 36 months[60]. - The total number of ordinary shareholders at the end of the reporting period was 48,105, with the largest shareholder, Baota Petrochemical Group, holding 52.13% of the shares[84]. Research and Development - The company’s R&D investment was ¥7,215,340.40, a decrease of 16.42% compared to the previous year[35]. - Research and development expenses for the first half of 2019 were CNY 7,215,340.40, down from CNY 8,632,452.10 in the previous year[109]. Environmental Compliance - The company reported a chemical oxygen demand (COD) discharge of 134 kg, with a concentration of 35 mg/L, which is below the regulatory limit of 500 mg/L[73]. - The company has installed an online monitoring system for wastewater, ensuring that discharge meets environmental standards, with quarterly supervision by the Yinchuan Environmental Monitoring Station[75]. - The company has a valid pollution discharge permit, which is effective until August 19, 2020[73]. - There were no significant environmental incidents reported during the reporting period[76]. Corporate Governance - The company did not experience any penalties or rectification during the reporting period[58]. - There were multiple resignations among senior management, including the chairman and several vice presidents, all citing personal reasons[93]. - The company did not engage in any securities or derivative investments during the reporting period[42][43]. - The company did not sell any significant assets or equity during the reporting period[44][45]. Financial Reporting and Accounting - The financial statements are prepared in Renminbi (RMB) and the unit for the financial report is in Yuan[99]. - The half-year financial report was not audited[98]. - The company follows the accrual basis of accounting, ensuring accurate financial reporting[147]. - The company uses Renminbi as its functional currency for financial reporting[154]. Market and Business Operations - The bearing business accounted for approximately 50% of the company's total sales, with significant breakthroughs in rail transit bearing products[26]. - The company has plans for market expansion and new product development, although specific figures were not disclosed in the report[126]. - The company operates in the industrial manufacturing sector, including bearing processing and steel sales[146].

Financial Performance - The company's operating revenue for 2018 was ¥432,317,736.74, a decrease of 0.79% compared to ¥435,761,930.44 in 2017[18]. - The net profit attributable to shareholders in 2018 was -¥98,194,424.06, representing a decline of 623.91% from ¥18,742,523.49 in 2017[18]. - The net cash flow from operating activities improved significantly to ¥28,770,727.10, a 3,040.70% increase from -¥978,361.59 in 2017[18]. - The total assets at the end of 2018 were ¥1,828,600,919.71, down 2.70% from ¥1,879,364,915.83 at the end of 2017[18]. - The net assets attributable to shareholders decreased by 10.19% to ¥625,504,054.15 from ¥696,506,127.94 in 2017[18]. - The basic earnings per share for 2018 was -¥0.13, a decrease of 750.00% compared to ¥0.02 in 2017[18]. - The weighted average return on equity was -12.02%, down 14.78% from 2.76% in 2017[18]. - The company reported a significant increase in non-recurring losses, with the net profit excluding non-recurring items at -¥110,726,225.82, a 174.32% increase from -¥39,858,014.53 in 2017[18]. - The company’s non-operating income for 2018 was approximately 7.55 million, a decrease from 19.06 million in 2017[24]. - The company reported government subsidies of approximately 4.72 million in 2018, down from 20.97 million in 2017[24]. - The company’s debt restructuring losses were not reported in 2018, indicating a potential improvement in financial stability compared to previous years[24]. Revenue Breakdown - The mechanical manufacturing sector contributed ¥288,315,372.20, accounting for 66.69% of total revenue, down 9.22% from the previous year[42]. - The bearing business generated ¥201,758,862.54, representing 46.67% of total revenue, with a decline of 13.40% year-over-year[42]. - The domestic market accounted for 99.79% of total revenue, with a slight increase of 0.15% compared to the previous year[42]. - Total sales from the top five customers amounted to ¥144,146,470.72, accounting for 33.34% of the annual total sales[48]. - The largest customer, Dongfeng Dana Axle Co., Ltd., contributed ¥40,761,989.24, representing 18.27% of total sales[48]. Market and Product Development - The company plans not to distribute cash dividends or issue bonus shares for the year[6]. - The company is focused on expanding its high-end bearing market and enhancing production efficiency through advanced manufacturing technologies[32]. - The company achieved significant breakthroughs in rail transit bearing products, obtaining the first batch order of 300 sets for subway B-type axle box bearings in September 2018[32]. - The company holds a leading market share in marine electrical products, primarily used in aircraft carriers, warships, and large vessels[27]. - The company has established a strong R&D capability, leveraging national-level technology centers and partnerships with research institutions to enhance product development efficiency[32]. - The company is focusing on improving management measures to enhance the profitability of its bearing business, which is gradually improving despite facing significant challenges[66]. - The company plans to implement market-oriented operations, strengthen quality management, and reduce procurement costs to improve profitability[67]. Research and Development - Research and development expenses increased by 25.56% to ¥2,215,226.39, reflecting the company's focus on innovation[50]. - The total R&D investment reached ¥16,102,562.35, which is 3.72% of operating revenue, up from 3.25% in the previous year[51]. - Investment in new product development increased by 25% in 2018, focusing on innovative technologies to enhance user experience[124]. - The company has allocated 10 million yuan for research and development in new technologies for the upcoming fiscal year[138]. Employee and Management Structure - The total number of employees increased by 10% in 2018, supporting the company's growth initiatives and operational needs[124]. - The total employee compensation for 2018 was CNY 63.41 million, with core technical personnel accounting for CNY 1.16 million, representing 1.8% of total employee compensation[144]. - The total number of employees in the company was 1,488, with 1,107 in production, 63 in sales, 85 in technology, 16 in finance, and 217 in administration[145]. - The company conducted 64 training sessions with a total of 1,397 participants and 644 hours of training[145]. - The company has a diverse board of directors with extensive backgrounds in finance, engineering, and management, which may contribute to strategic decision-making[129][130]. Governance and Compliance - The company has established a complete and independent financial management system, ensuring financial independence from the controlling shareholder[150]. - The company maintained a governance structure that ensures clear responsibilities among the shareholders' meeting, board of directors, supervisory board, and management[148]. - The audit committee confirmed the audit plan for the 2018 financial report, ensuring timely and accurate reporting in compliance with regulations[158]. - The company has not identified any significant internal control deficiencies during the reporting period, indicating effective internal governance[168]. - The company has not faced any penalties from provincial-level government departments that would impact its financial reporting[172]. Future Outlook - The company provided a future outlook projecting a revenue growth of 10% for 2019, driven by new product launches and market expansion strategies[124]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2020[124]. - The management has set a performance guidance of 10% revenue growth for the next fiscal year[138]. - The company aims to improve operational efficiency by 5% through the implementation of new technologies[138]. Legal and Regulatory Matters - The company faced a lawsuit involving an amount of 15 million yuan, which is currently under review[86]. - The company has not experienced any penalties or rectification situations during the reporting period[88]. - The company has not undergone any bankruptcy reorganization during the reporting period[88]. - The company has not reported any changes in the shareholding structure of major shareholders during the reporting period[116].

Financial Performance - The company's operating revenue for Q1 2019 was ¥82,865,808.41, a decrease of 13.81% compared to ¥96,146,435.77 in the same period last year[9] - The net profit attributable to shareholders was a loss of ¥20,741,805.57, representing a decline of 430.60% from a profit of ¥6,273,988.79 in the previous year[9] - Basic and diluted earnings per share were both -¥0.03, a decrease of 400.00% from ¥0.010 in the previous year[9] - The company reported a net loss of ¥630,618,541.52, widening from a loss of ¥609,876,735.95 in the previous period[30] - Net loss for the period was ¥18,757,359.07, compared to a net profit of ¥7,270,988.23 in the previous year[38] - The net profit for the first quarter of 2019 was -19,302,389.12 CNY, compared to a profit of 87,284.25 CNY in the same period last year, indicating a significant decline[42] - Operating profit for the first quarter was -20,511,573.94 CNY, a decrease from -5,310,189.69 CNY year-over-year[42] Cash Flow - The net cash flow from operating activities was negative at ¥4,636,118.37, an improvement of 88.05% compared to a negative cash flow of ¥38,783,539.68 in the same period last year[9] - The company incurred operating cash outflows totaling 119,849,943.50 CNY, compared to 239,088,668.26 CNY in the previous year, indicating a reduction of approximately 50%[46] - The cash flow from financing activities generated a net inflow of 11,743,937.06 CNY, compared to 1,594,121.02 CNY in the same period last year, reflecting a significant increase[47] - The net cash flow from financing activities for Q1 2019 was 11,054,084.55, compared to 2,024,285.32 in the same period last year, indicating a significant increase[51] - The company reported a cash increase of 1,358,034.47 during the quarter, reflecting positive cash management[51] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,842,429,290.24, an increase of 0.76% from ¥1,828,600,919.71 at the end of the previous year[9] - Total current assets increased to ¥899,815,917.65 as of March 31, 2019, up from ¥875,890,004.06 at the end of 2018, representing a growth of approximately 1.4%[28] - Total liabilities rose to ¥1,160,787,056.74 from ¥1,128,181,906.63, an increase of approximately 2.9%[29] - The company's total liabilities reached ¥1,137,564,879.40, an increase from ¥1,120,365,400.54 year-over-year[35] - The total equity decreased to ¥681,661,654.01 from ¥700,419,013.08, a decline of about 2.5%[30] - The total equity decreased to ¥635,994,218.85 from ¥655,296,607.97 in the previous year, reflecting a decline of approximately 2.4%[35] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 49,551[12] - The largest shareholder, Baota Petrochemical Group Co., Ltd., held 52.13% of the shares, totaling 398,415,924 shares[12] Operational Costs - Total operating costs increased to ¥101,957,903.78, up 3.4% from ¥98,264,799.89 year-over-year[36] - Sales expenses increased significantly to ¥4,114,821.09, up 39.4% from ¥2,942,064.23 in the previous year[36] Other Financial Metrics - The company reported non-recurring gains and losses totaling ¥1,205,840.50 during the reporting period[10] - Research and development expenses were ¥516,663.81, slightly up from ¥458,333.28 year-over-year[36] - The company distributed dividends and interest payments totaling 1,763,696.90 during the quarter[51] Audit and Reporting - The company did not undergo an audit for the Q1 report, which may affect the reliability of the financial data presented[52] - There were no adjustments made to the financial statements due to the new financial instrument and leasing standards, indicating stability in accounting practices[52] - The company has not provided specific user data or future outlook in the available documents, suggesting a lack of forward guidance[51]

宝塔实业股份有限公司 2018 年第三季度报告正文 证券代码：000595 证券简称：宝塔实业 公告编号：2018-061 宝塔实业股份有限公司 2018 年第三季度报告正文 1 宝塔实业股份有限公司 2018 年第三季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 单位：元 公司负责人郑小将、主管会计工作负责人李勐及会计机构负责人(会计主管 人员)贺培振声明：保证季度报告中财务报表的真实、准确、完整。 2 宝塔实业股份有限公司 2018 年第三季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 1,891,650,350.97 | 1,879,364,915.83 | | 0.65% | | 归属于上市公 ...

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 239,007,402.94, representing a 25.70% increase compared to CNY 190,137,640.04 in the same period last year[18]. - The net profit attributable to shareholders decreased by 54.32% to CNY 5,648,626.64 from CNY 12,365,740.07 year-on-year[18]. - The net profit after deducting non-recurring gains and losses was CNY -11,966,091.48, a decline of 292.70% compared to CNY -3,047,150.59 in the previous year[18]. - The basic earnings per share dropped by 58.82% to CNY 0.007 from CNY 0.017 in the same period last year[18]. - The company reported a gross margin of 14.17% in the machinery manufacturing sector, which is a decrease of 4.95% year-on-year[37]. - The company reported an operating profit of CNY 3,894,978.25, recovering from an operating loss of CNY 4,406,390.71 in the previous year[111]. - Financial expenses increased significantly to CNY 11,897,284.96, compared to CNY 2,315,580.55 in the same period last year, marking a rise of 413.5%[111]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,832,850,414.61, a decrease of 2.48% from CNY 1,879,364,915.83 at the end of the previous year[18]. - The total liabilities rose to CNY 1,128,192,760.59, compared to CNY 979,904,003.06 in the previous period, reflecting an increase of 15.1%[111]. - The total equity of the company decreased slightly to CNY 717,331,094.81 from CNY 718,916,748.51, indicating a marginal decline of 0.2%[111]. - The company's total liabilities to total assets ratio improved from approximately 58.9% to 57.2%[104]. - The company's short-term borrowings decreased from CNY 289,589,376.39 to CNY 181,319,376.39, a reduction of approximately 37.5%[104]. Cash Flow - The company reported a net cash flow from operating activities of CNY -15,852,777.50, showing a slight improvement of 0.18% compared to CNY -15,880,917.04 in the previous year[18]. - Total cash inflow from operating activities amounted to 328,504,380.73 yuan, an increase of 41.5% compared to 232,168,297.24 yuan in the previous period[118]. - Cash outflow from operating activities totaled 344,357,158.23 yuan, up 38.8% from 248,049,214.28 yuan in the previous period[118]. - The net cash flow from investing activities was -24,252,716.32 yuan, an improvement from -60,301,271.32 yuan in the previous period[120]. - Cash inflow from financing activities was 117,074,495.75 yuan, down 34.7% from 179,209,008.80 yuan in the previous period[120]. Business Operations - The main business activities include the production and sales of bearings, marine electrical equipment, and automotive front axles, with a focus on customized production based on orders received[26]. - The company achieved operating revenue of ¥239,007,402.94, an increase of 25.70% compared to the same period last year, primarily driven by a recovery in the bearing business and contributions from acquired assets[33]. - The main business revenue was ¥227,696,933.08, showing significant improvement due to a favorable market for bearing products[33]. - The company has developed key products such as motor bearings and has achieved domestic production qualifications for subway bearings, reducing reliance on imports[28]. - The company employs an ERP system for real-time dynamic management of procurement based on production plans and inventory levels[26]. Shareholder Information - The total number of shares after the recent changes is 764,279,250, with a significant reduction in restricted shares[83]. - Baota Petrochemical Group holds 53.05% of the shares, totaling 405,415,924 shares, with 343,674,592 shares pledged[87]. - The top ten shareholders do not include any strategic investors or general corporations due to no new shares being allocated[88]. - The company appointed new senior management personnel, including Li Meng as Vice President and Chief Financial Officer[94]. Legal and Compliance - The company is involved in a significant lawsuit with a claim amount of 15 million yuan, which is still under trial[57]. - There are no penalties or rectification situations during the reporting period[58]. - The half-year financial report has not been audited[54]. - There are no bankruptcy reorganization matters during the reporting period[56]. Environmental and Social Responsibility - The company is classified as a key pollutant discharge unit, with a chemical oxygen demand emission of 178 mg/L, which is below the standard of 500 mg/L[76]. - The company has installed a wastewater online monitoring system, ensuring that wastewater discharges meet standards[77]. - There were no new construction projects or environmental impact assessments conducted in 2018[78]. - The company reported no other significant environmental information or issues during the reporting period[78]. Investment and Financing - The company signed a loan agreement with Yinchuan Huichuang Capital Investment Holding Co., Ltd. for 344 million yuan, with a term of 10 years and an annual interest rate of 1.4%[40]. - The company’s investment activities generated a cash outflow of ¥24,252,716.32, a reduction of 59.78% compared to the previous year, indicating decreased investment in construction projects[35]. - The company has no significant equity or non-equity investments during the reporting period[41][42]. Risk Factors - The company faces risks from fluctuations in raw material prices, particularly steel, which significantly impacts production costs and profit margins[48]. - The company is also exposed to macroeconomic cyclical risks due to its involvement in industries with strong cyclical characteristics, such as petroleum machinery and rail transit bearings[48].

Financial Performance - The company achieved operating revenue of ¥435,761,930.44 in 2017, representing a 22.51% increase compared to ¥355,699,118.61 in 2016[6]. - The net profit attributable to shareholders was ¥18,742,523.49, a significant turnaround from a loss of ¥84,432,511.13 in the previous year, marking a 122.20% improvement[6]. - The total assets increased by 56.54% to ¥1,879,364,915.83 at the end of 2017, up from ¥1,200,562,664.84 in 2016[19]. - The net assets attributable to shareholders rose by 5.13% to ¥696,506,127.94, compared to ¥662,522,871.40 in 2016[19]. - The company reported a basic earnings per share of ¥0.02, a recovery from a loss of ¥0.11 per share in 2016, reflecting an 118.18% increase[19]. - The net cash flow from operating activities improved significantly, with a net outflow of ¥978,361.59 in 2017, compared to a net outflow of ¥44,034,149.34 in 2016, representing a 95.30% improvement[19]. - The weighted average return on equity improved to 2.76% in 2017, up from -11.99% in 2016, indicating a positive trend in profitability[19]. - The company reported a net profit excluding non-recurring gains and losses of -¥39,858,014.53, an improvement of 49.18% from -¥78,430,503.10 in 2016[19]. - The company reported a significant increase in non-operating income, with a total of 19,059,165.87 in 2017 compared to a loss of 15,928,528.88 in 2016, indicating a turnaround in financial performance[24]. Business Operations and Strategy - The company plans to apply for the removal of the delisting risk warning, which would change its stock name from "*ST Baoshi" to "Baota Industry" and restore the daily price limit from 5% to 10%[6]. - The company will not distribute cash dividends or issue bonus shares for the year[7]. - The bearing business showed substantial improvement, contributing to profitability, with the overall performance of the company turning from a loss to profit in 2017[29]. - The company completed a significant acquisition of Guilin Haiwei, which contributed to stable revenue and exceeded performance expectations for the year[29]. - The company has made strides in the rail transit bearing sector, successfully passing industry assessments and obtaining production qualifications for metro bearings, breaking the reliance on imports[32]. - The company is focusing on high-value-added products, particularly in the rail transit and military sectors, to enhance competitiveness and profitability[32]. - The company has established a comprehensive innovation system, with a national-level technology center and a high-quality technical research team, supporting its R&D capabilities[33]. - The company has released production capacity through equipment upgrades and new factory constructions, with a new facility covering 930 acres[33]. - The company is constructing a new facility in Yinchuan Economic Development Zone, covering over 700 acres, to enhance production capacity and equipment modernization[84]. Market Trends and Growth Potential - The total revenue for the bearing industry among major enterprises reached 83.562 billion in 2017, representing a year-on-year increase of 14.14%[31]. - The military sector is expected to grow due to increased defense spending, which will benefit the company's military-related product lines[34]. - China's military expenditure has been increasing annually by over 10%, with total military spending reaching CNY 954.3 billion in 2016, indicating significant growth potential compared to developed countries[35]. - In 2017, the domestic heavy-duty truck market saw a 52% year-on-year increase in sales, with total heavy-duty truck production reaching 1.1497 million units, up 55.07% from the previous year[36]. - The coal mining machinery market is expected to continue its rapid growth, with the demand for coal mining machinery components, such as scraper conveyors, increasing annually[37]. - The company has developed capabilities to produce key coal mining machinery components, which account for approximately 80% of the coal mining equipment market share, indicating strong market control[38]. Research and Development - The company has established a strong R&D team and has developed three main products: motor bearings, machine tool spindle bearings, and precision forged parts, with machine tool bearings already recognized by major domestic manufacturers[40]. - The company has achieved significant advancements in its equipment capabilities, including the establishment of automated production lines for railway freight car bearings, enhancing overall production efficiency[41]. - Research and development investment increased by 19.17% to ¥14,160,300, representing 3.25% of operating revenue[62]. - The company plans to focus on high-value-added bearing products, including urban rail and railway freight car bearings, with successful qualification for metro bearing production achieved in September 2017[82]. Corporate Governance and Management - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 3.0408 million[165]. - The annual salary for the general manager is set at CNY 300,000 (pre-tax), with other positions determined by a coefficient based on this amount[164]. - The company has implemented a performance-based remuneration scheme linked to operational results since 2015[164]. - The company has a total of 14 senior management personnel, with varying remuneration based on their positions and performance[165]. - The performance assessment for senior management in 2017 has not yet concluded, affecting the final remuneration calculations[164]. - The company has experienced a change in its board composition, with some members having prior regulatory penalties[162]. - The company’s management performance evaluation includes metrics such as sales revenue, cash collection, and net profit, with assessments conducted quarterly or annually[191]. - The company’s board of directors established four specialized committees, including the audit committee, which actively reviewed financial reports and ensured compliance with legal and regulatory requirements[184]. Shareholder Relations and Equity - The company did not distribute any cash dividends in the past three years due to negative profits available for distribution[90]. - The actual controller and related parties have made commitments regarding performance guarantees, including a cumulative net profit of no less than 34 million RMB for 2017[94]. - The company is currently fulfilling its commitments related to performance guarantees and related transactions[94]. - The company has committed to avoiding any related party transactions that could harm the interests of other shareholders[96]. - The company will ensure that any related party transactions are conducted at fair market prices and comply with legal procedures[97]. - The company reported a total of 124,740,125 shares issued in a non-public offering in 2014, with the shares becoming tradable on March 9, 2015[98]. - The company’s total number of limited shares before the change was 249,744,250, representing 33.53% of total shares[133]. - The largest shareholder, Baota Petrochemical Group Co., Ltd., holds 53.05% of the shares, totaling 405,415,924 shares, with 155,935,674 shares frozen[140]. Environmental and Social Responsibility - The company actively fulfilled its social responsibilities, enhancing communication with shareholders and stakeholders[125]. - The company provided various insurance benefits to employees, including pension and medical insurance[125]. - The company reported a chemical oxygen demand (COD) discharge concentration of 37.5 mg/L, which is below the regulatory limit of 500 mg/L, with a total discharge of 5,280 kg[127]. - The company has a valid pollution discharge permit, which is effective until August 19, 2020[128]. - The company has installed an online monitoring system for wastewater, which has consistently shown that wastewater discharges meet standards[129]. - The company’s wastewater monitoring results have been verified quarterly by the Yinchuan Environmental Monitoring Station, confirming compliance with discharge standards[129]. - The company’s emergency response plan for environmental incidents has been filed with the Yinchuan Environmental Protection Bureau[129].

Financial Performance - The company achieved operating revenue of ¥435,761,930.44 in 2017, representing a 22.51% increase compared to ¥355,699,118.61 in 2016[6]. - Net profit attributable to shareholders was ¥18,742,523.49, a significant turnaround from a net loss of ¥84,432,511.13 in 2016, marking a 122.20% improvement[6]. - The company's total assets increased by 56.54% to ¥1,879,364,915.83 at the end of 2017, up from ¥1,200,562,664.84 in 2016[19]. - The weighted average return on equity improved to 2.76% in 2017 from -11.99% in 2016, reflecting a 14.75% increase[19]. - The company reported a net cash flow from operating activities of -¥978,361.59, an improvement of 95.30% compared to -¥44,034,149.34 in 2016[19]. - Basic earnings per share were ¥0.02, a recovery from a loss of ¥0.11 per share in 2016, representing an increase of 118.18%[19]. - The net profit after deducting non-recurring gains and losses was -¥39,858,014.53, an improvement of 49.18% from -¥78,430,503.10 in 2016[19]. - The company reported a significant increase in non-operating income, totaling approximately ¥58.6 million in 2017, compared to a loss of ¥6 million in 2016 and ¥11.1 million in 2015[25]. - The company achieved total revenue of ¥435,761,930.44, an increase of 22.51% year-on-year[46]. - Main business revenue reached ¥404,147,213.30, up 166.67% year-on-year, driven by a strong recovery in the bearing business and contributions from acquired assets[46]. - Net profit attributable to shareholders was ¥18,742,523.49, a 142.86% increase compared to the previous year[46]. - The company successfully turned a profit this year, primarily through cost reduction, quality improvement, and market expansion strategies[46]. Business Strategy and Market Position - The company intends to apply for the removal of the delisting risk warning, which would change its stock name from "*ST Baoshi" to "Baota Industry" if approved[6]. - The company’s main business includes the production and sales of bearings, marine electrical equipment, and automotive front axles, with a focus on high-value-added products[28]. - The company is focusing on expanding its military industrial sector, having obtained military bearing confidentiality qualifications and production licenses[32]. - The company is positioned to capitalize on the growing demand for specialized bearings in sectors such as high-end CNC machine tools, robotics, and new energy vehicles[31]. - The company is exploring the development of new power supply devices, including wireless charging equipment, to meet future defense needs[42]. - The company aims to enhance its asset and profitability status by focusing on four major sectors: bearings, military industry, high-end equipment manufacturing, and finance[82]. - The company plans to shift towards high-value-added bearing products, particularly in rail transit, with the "Urban Rail B-type Car Axle Box Bearing" successfully passing industry assessments and obtaining production qualifications[82]. - The company has plans for future capital operations, indicating potential market expansion strategies[88]. Research and Development - The company has made strides in product innovation, successfully obtaining production qualifications for subway bearings, breaking the reliance on imports[32]. - The company’s research and development capabilities are strong, ranking in the top five nationally for design, with a significant proportion of technical staff[33]. - Research and development investment increased by 19.17% year-on-year, totaling ¥14,160,300, representing 3.25% of operating revenue[63]. - The company has a strong R&D capability, having developed key products such as motor bearings and precision forgings, with machine tool bearings already recognized by major domestic manufacturers[40]. - The company is constructing a new facility in Yinchuan Economic Development Zone, covering over 700 acres, to increase production capacity and upgrade equipment[84]. - The introduction of advanced equipment such as laser cutting machines and CNC deep throat punching machines will improve processing capabilities and product quality in military supplies[84]. Acquisitions and Subsidiaries - The company completed the acquisition of Guilin Haiwei Ship Electric Co., Ltd. with an investment of CNY 322.5 million, holding a 75% stake[70]. - The company acquired Liaoning Antai Forging Industry Co., Ltd. for CNY 20 million, obtaining a 100% stake[70]. - The company added new subsidiaries: Guilin Haiwei Ship Electric Co., Ltd., Liaoning Antai Forging Industry Co., Ltd., and Huijin Commercial Factoring Co., Ltd. to its consolidated financial statements[101]. - Liaoning Antai Forging Industry Co., Ltd. contributed to the company's main business profits[79]. Governance and Management - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 3.0408 million[162]. - The company has a remuneration scheme that links salaries to operational performance, with 50% of salaries withheld until performance evaluations are completed[161]. - The company has experienced a governance structure with multiple individuals holding significant positions across various subsidiaries[160]. - The company maintains a complete and independent governance structure, ensuring no interference from the controlling shareholder in operations[172]. - The company has established a robust internal control system, although some subsidiaries require further strengthening in decision-making processes[173]. - The company operates independently from its controlling shareholder in terms of business, personnel, assets, organization, and finance[174]. Environmental and Social Responsibility - The company maintained a pollution discharge standard of 500 mg/L for chemical oxygen demand, with actual discharge at 37.5 mg/L, indicating compliance[125]. - The company has a valid pollution discharge permit until August 19, 2020[126]. - The company has established an emergency plan for environmental incidents, filed with the local environmental protection bureau[126]. - The company actively fulfilled its social responsibilities, enhancing communication with stakeholders and ensuring timely reporting to shareholders[122]. Legal and Compliance - The company reported a contingent liability of 7.15 million yuan related to a lawsuit, with a total claim amount of 15 million yuan[102]. - The company has a total of 198,976,658 shares (26.71% of total capital) frozen due to a court ruling related to a contract dispute[104]. - An additional 202,707,962 shares (27.21% of total capital) were also frozen following another court ruling[104]. - The company has not reported any significant internal control deficiencies in its financial reporting[191]. - The audit report indicates a standard unqualified opinion on the financial statements of Baota Industrial Co., Ltd. as of December 31, 2017[200].

证券代码：000595 证券简称：*st 宝实 公告编号：2018-020 宝塔实业股份有限公司 2018 年第一季度报告正文 1 宝塔实业股份有限公司 2018 年第一季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 宝塔实业股份有限公司 2018 年第一季度报告正文 公司负责人赵立宝、主管会计工作负责人冯宇及会计机构负责人(会计主管 人员)贺培振声明：保证季度报告中财务报表的真实、准确、完整。 2 宝塔实业股份有限公司 2018 年第一季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 96,146,435.77 | 124,365,774.37 | -22.69% | | 归属于上市公司股东的净利润（元） | 6,27 ...